Car Finance

[eddie1507]

Hi,

Recently started contracting I have good credit, have any of you seasoned contractors applied for car finance how does this differ from when you were a permie ? Is it much harder to get now you are a director of a limited company ? Do they often require 2 years of accounts etc??

Ta

NLUK - Don't get saying your usual lines such as ... ask your accountant / IR35 etc..

[DimPrawn]

Car finance?

You mean paying interest on a rapidly depreciating asset, thus making the depreciating asset even more expensive?

[eddie1507]

Car finance?

You mean paying interest on a rapidly depreciating asset, thus making the depreciating asset even more expensive?

Yep exactly.

[LondonManc]

Had no problem with financing half the Stuttgart missile.

No need to prove anything initially, just be honest about revenue. They'll check it if they're that concerned.

Certainly wouldn't borrow for a car that depreciates far more. Some companies are keen to make sure that there's no equity left in the car when you buy it. If the salesman has left equity in the car, he hasn't done his job properly in their eyes.

[DimPrawn]

Okay then. Carry on.

[eddie1507]

Had no problem with financing half the Stuttgart missile.

No need to prove anything initially, just be honest about revenue. They'll check it if they're that concerned.

Certainly wouldn't borrow for a car that depreciates far more. Some companies are keen to make sure that there's no equity left in the car when you buy it. If the salesman has left equity in the car, he hasn't done his job properly in their eyes.

Yeah I know this.

I like a nice car though always buy 3 years old with 1 year warranty on a 2 year PCP and swap it after a year don't loose too much really just depreciation

[PetroDollarWarrior]

My last two cars have been purchased via finance. I used Oracle Finance to arrange - very painless process. (I'm new to this forum so apologies if I'm not meant to write company names)

Ignore the posters banging on about depreciating assets etc....no point being the richest contractor in the graveyard!

[eddie1507]

My last two cars have been purchased via finance. I used Oracle Finance to arrange - very painless process. (I'm new to this forum so apologies if I'm not meant to write company names)

Ignore the posters banging on about depreciating assets etc....no point being the richest contractor in the graveyard!

EXACTLY Mate.

Only £300 a month anyway lol what you drive ?

[northernladuk]

Have you spoken to your car financer?

[PetroDollarWarrior]

Currently a 2011 Aston Martin Virage prior to that V8 Vantage. Both totally ridiculous and impractical cars......but hey , life is short!